Dominic Chappell, the former owner of BHS, has defended his decision to take a £2.6m loan from the retailer, calling it a “drip in the ocean”.
Speaking on BBC Newsnight last night, Chappell said: ”Did I take a lot of money out? Yes, I did. But did the business fail because I took a lot of money out? No it didn’t.
”This was just a drip [sic] in the ocean of the money that was needed to turn around BHS.”
He also apologised “sincerely and utterly” to the chain’s 11,000 staff.
Chappell, who bought BHS from Arcadia boss Sir Philip Green for £1 in March 2015, said the plight of the staff “plays on” on him deeply.